Ireland’s National Roads wraps €248 million financing for M11 project

By Lisa Kerner

Charlotte, N.C., Oct. 16 – The National Roads Authority (or Transport Infrastructure Ireland) and a BAM PGGM Iridium consortium closed on the financing for the M11 Gorey to Enniscorthy PPP project in Ireland.

Total financing of €248 million was provided by a combination of EIB lending and Société Générale arranged note and an equity bridge facility, according to a news release.

Société Générale acted as sole note arranger for the €113 million of senior secured notes which were privately placed with three institutional investors.

In addition, Société Générale was the sole EBL lender and swap provider for the €27 million equity bridge facility.

The investor group, which includes Aviva Investors, Babson and NN Investment Partners BV, purchased partly paid notes that will provide scheduled financing throughout the construction phase, the release stated.

BAM PPP PGGM Infrastructure Coöperatie UA and Iridium Concessiones de Infraestructuras SA are committing €27 million in equity to the project.

The project involves the design, construction, financing, operation and maintenance of 31.4 km of dual carriageway, and the design, construction and financing of 8.0 km of single carriageway. Total cost of the project is €400 million.

The M11 Gorey to Enniscorthy portion forms a strategic component of Ireland’s motorway network.

Construction is to begin in January, with operations slated to begin in August 2019.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.